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DAILY NEWS AND INFORMATION
FOR THE GLOBAL GRID COMMUNITY / JULY 28, 2003; VOL. 2 NO. 30
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Breaking News -
General:
Packeteer Announces Record Q2
Financial Results
Packeteer Inc, a leading provider of Internet application performance
infrastructure systems, announced revenues and results of operations for the
quarter ended June 30, 2003.
Net revenues for the second quarter 2003 were $17.5 million, compared with
$16.8 million for the first quarter 2003, an increase of 4%. Net revenues for
the second quarter 2002 were $13.1 million. Net income for the second quarter
2003 was $2.6 million or $0.08 per share. This compares to first quarter 2003
net income of $2.1 million or $0.07 per share. The second quarter 2002 net
income was $499,000 or $0.02 per share.
The balance sheet at the end of Q2 2003 remained strong. Cash, cash
equivalents and investments of $76.3 million at June 30, 2003 were $8.0
million higher than the balances of $68.3 million at March 31, 2003. Accounts
receivable of $7.7 million at June 30, 2003 represented 40 days sales
outstanding compared to 41 days sales outstanding at March 31, 2003. Total
inventories of $1.9 million at June 30, 2003 were consistent with the March
31, 2003 balance.
"I am very pleased with our financial performance in the second quarter
2003.
We continued to deliver record revenues and profits for the fourth consecutive
quarter," stated Dave Cote, President and CEO. "I believe the value our
customers place on our application traffic management systems is primarily
responsible for our sequential revenue and profit growth. The introduction
last quarter of PacketShaper Xpress continues to add to our systems
capabilities and improve the level of control customers have over their
network applications. We are focusing the business towards continued revenue
and profit growth in a still difficult economy."
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